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Mitsui may book up to $642 million impairment loss amid oil slump
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Mitsui may book up to $642 million impairment loss amid oil slump
Japanese trading house Mitsui & Co Ltd said on Friday it may book an impairment loss of 50 billion to 70 billion yen ($458 million to $642 million) in the year ending March 31 due to falling commodity prices and coronavirus impact. Mitsui in a statement said it is likely to book an impairment loss on its stakes in the Eagle Ford shale oil and gas project in the United States and the Tempa Rossa oil field in Italy among other oil and gas projects due to plunging oil prices. International benchmark oil prices have more than halved since the start of the year as the rapid spread of the coronavirus interrupts business activity, choking supply chains, while a crude glut swelled after the collapse earlier this month of an output deal between the Organization of Petroleum Exporting Countries and Russia (OPEC+).
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